Existing business models require RFID tag to transfer its ownership during its life cycle. As a result, a RFID tags might have many owners during its life cycle. However, the transfer of ownership should ensure that previous owners have no information about current owner's data. Physical ownership does not ensure digital ownership transfer given the wireless nature of communication with RFID tags. Most of the proposed protocol in this nature is implacable to address aU existing RFID tag ownership transfer scenarios. Moreover, they have many security concerns and vulnerabilities. In this paper, we have investigated and discussed all existing business cases and their transfer scenarios. To cover all ownership transfer scenarios, we have presented an ownership transfer protocol. The proposed protocol has used modified DiffieHellman algorithm to perform ownership request validation and authentication of involved parties. Performance comparison shows that our protocol is practical to implement passive low-cost RFID tags, securely performs tag ownership transfer and can be used for all existing ownership transfer scenarios.